|
|
August 26th, 2010
New research shows that many self employed people are unable to repay their debts.
Companies are reporting that many of the self employed are not in a position to enter into a Debt Management Plan (DMP) and repay their debts as over half of callers had a negative surplus (the difference left over when deducting household expenditure from your income) and therefore no money to start repaying their debts.
DebtFC says that many of the self employed people contacting them are from the service industries such as hairdressing, building trade and taxi driving. Providing services that people are likely to cut back on when tightening their belts, this category of self employed are particularly vulnerable in an economic downturn resulting in many being unable to repay their debts.
While many self employed are struggling with debt, ironically some people are finding self employment to be the solution to their personal debt problems. One woman who had contacted the DebtFC for help and advice with her debt problems because she had lost her job started a small cleaning company which allowed her to earn enough money to enter into a Debt Management Plan and start repaying her debts again.
The credit crunch has resulted in a lot of people carrying out work that they would have previously paid other people to do. This has left many self employed people without work and unable to maintain their debt commitments.
Entering into a Debt Management Plan or Scottish Protected Trust Deed when you are self employed can often be complicated, depending if you are a sole trader or have a limited company or a partnership. It is important that anyone who is self employed and who is struggling financially should contact DebtFC on 0800 007 5307 or email info @debtfc.co.uk for free debt advice and help as soon as they realise they have a problem.
Tags: bathgate business debts, bathgate self employed, Broxburn business debts, building trade tax problems, business debts, business debts linlithgow, business debts livingston, business debts west lothian, debt advice self employed, debt help self employed, debt management plan self employed, East Calder business debts, edinburgh debt advice centre, Free bankruptcy advice, Glasgow business debts, glasgow self employed debt, hairdresser debt, hairdressing debt, livingston debt advice centre, livingston self employed, lothian debt advice centre, scotland debt advice centre, scotland self employed debt, Scottish business debts, Scottish debt advice, scottish debt advice centre, scottish debt advie, scottish debt help, scottish protected trust deed self employed, scottish self employed debt, self employed bankrupt, self employed bankruptcy, self employed debt, self employed sequestration, self employed taxi driver, tax self employed debt, trust deed self employed, west lothian bankruptcy centre, west lothian debt advice centre, west lothian self employed
Posted in Debt advice | Comments Off
August 13th, 2010
Use the law to deal with creditors chasing you for old debts.
In Scotland the law relating to the time period that a debt can no longer be pursued in the courts is different from the rest of the UK.
What is a statute barred debt?
Statute barred debts are debts which cannot be legally enforced. The Prescription and Limitation (Scotland) Act 1973, Section 6 limits the timescale which a creditor can take legal action to recover their money to 5 years, provided the following conditions are met:-
There are no outstanding decrees against you, AND
No payments have been made towards the debt for the last 5 years, AND
No written communications with the creditors have taken place acknowledging the debt.
Please note if the debt is in joint names then the above also applies to the joint party.
If these conditions are met then you cannot be taken to court by the creditors. This does not clear the debt so it may appear on your credit file as outstanding.
DebtFC advice on how to handle debt collectors and creditors
If you now believe your debt to be statute barred so what is the next step?
How can you stop the debt collectors from ringing you at all hours? How can you stop their letters?
Find out if there are any decrees made against you. To do this you should contact the three credit reference agencies and check your credit file.
Obtain any information the company has on you through the Data Protection Act 1988. When writing to any finance company about a debt which you suspect is time barred DebtFC advise never to sign the letter.
Write to the creditor stating that under Section 6 of the Prescription and Limitation (Scotland) Act 1973 applies to the debt and it is now time barred.
If the above has not worked and you are still receiving calls from debt collectors or finance companies looking for money then contact your local council’s trading standards department and they should help. West Lothian Trading Standards tel no is 01506 776 410 they are based in Bathgate, West Lothian, Scotland.
Also it is important to keep copies of all letters and send them by recorded delivery.
DebtFC advise that you should never sign any letters? We have been informed that there are a few unscrupulous finance and debt collection companies that have in the past used the signature attached to letters to forged letters from debtors acknowledging the debt!
DebtFC does not have any proof of this but we are letting you know so you can make up your own mind.
When writing to any debt collection company, make sure you head the letter up, “Without Prejudice” or “I do not acknowledge any debt to you or any other company or organisation that you claim to be representing.”
Tags: Advice bankruptcy west lothian, Bankrupt, Bankrupt assistance, bankrupt debt, Bankrupt help, bankrupt homeowner, bankruptcy help west lothian, bankruptcy livingston, Bankruptcy scotland, Bathgate bankrupt, Broxburn bankrupt, credit loans bankrupt, East Calder bankrupt, Edinburgh bankrupt, Going bankrupt Scotland, How to go bankrupt, Linlithgow Bankrupt, Livingston Bankruptcy, loan bankruptcy, scottish bankrupt, tenant bankruptcy, time barred credit, time barred creditors, Time barred debts, West Lothian Bankruptcy
Posted in Debt advice | Comments Off
July 6th, 2010
The OFT has imposed requirements on Mr Nasser Mohammed Yusuf, a Manchester-based credit broker and debt management provider.
The requirements oblige Mr Yusuf, who uses trading names such as Advance Money Management and Loans 4 U, to:
- refund brokerage fees to consumers where no loan has been provided
- comply with the OFT’s Debt Management guidance
- implement adequate complaints handling procedures
The OFT can impose requirements on a credit licensee when it has concerns over a licensee’s business practices or compliance with specific consumer protection legislation.
Failure to comply with requirements can lead to further action by the OFT and the imposition of financial penalties of up to £50,000 per breach.
Nigel Cates, Deputy Director of the OFT’s Consumer Credit Group, said:
“It is important that all companies, especially those dealing with consumers facing financial difficulty, comply fully with the standards expected of them. The OFT will use its powers to ensure that consumers receive a proper standard of customer care and do not suffer detriment as a result of the behaviour of licensed businesses.”
Tags: bathgate loan, bathgate loans, blackhorse loan, broxburn loan advice, car loan, debt advice line, debt advice loan, debt advisory centre, debt collection loan, debt help loans, debt management loan, door stop lender loan, east calder loan, Edinburgh loans, finance loan, free debt advice and loan help, glasgow loan, glasgow loans, holiday loan, livingston loan, loan, loans, loans 4 u, loans and trust deeds, money advice loan, no admin fee loan, no fee loan, no fee loans, no fees loan, no up front fee loan, pay up loan, provident loan, same day loan, scottish company loan, scottish loan, scottish loans, secured loan, unsecured loan, welcome finance loan, west lothian loan
Posted in Debt advice | Comments Off
May 26th, 2010
Beautifully presented 4 beds, detached property with a glass roof conservatory, large private garden with riverside deck overlooking the River Almond for sale in Mid Calder, West Lothian.
http://www.tepilo.com/property/7596/wallace_mill_gardens_eh53/
Tags: 4 bed detached house for sale Mid Calder, 4 bed detached house West Lothian, 4 bed house for sale Mid Calder, 4 beds house for sale Mid Calder, Conservatory Mid Calder, detached house for sale Mid Calder, hardwood floors Mid Calder, House for sale, House for sale Mid Calder, house for sale wallace mill gardens, House for sale West Lothian, large garden Mid Calder, Large private garden Mid Calder, Mid Calder, property for sale Mid Calder, River Almond house for sale, River almond property for sale, riverside deck Mid Calder, Riverside view Mid Calder, Wallace Mill Gardens, wallace mill gardens house for sale, wallace mill gardens property for sale
Posted in Uncategorized | Comments Off
May 17th, 2010
When the court document arrives it will have a Form Number, keep a note of it. You MUST complete and return the summons by the date on the form. If you are a customer of DebtFC we will complete this for you.
You are the Defender and the creditor is the Pursuer.
Responding to the court documents
If you agree that you owe the money but you can’t afford to pay in full, apply for a ‘Time to Pay Direction’ by filling in the enclosed form. You admit the debt and offer to pay by installments. Return the form to the court by the specified date.
It is also advisable to include a detailed breakdown of your income and expenditure, as the ‘Time to Pay Direction’ does not allow for a detailed budget to be presented, and also enclose a list of all your creditors. If you are a DebtFC customer we will enclose a detailed income and expenditure for you. If the payment is acceptable to the creditor the Sheriff will grant a decree by installments. If you stick to this agreement, your unsecured creditors cannot take further action. If you miss the deadline, you can still apply for a ‘Time to Pay Order’, but this will be after the Decree has been given.
Defending The Claim
If you want to dispute the claim you need to complete the ‘Deny the Claim – Intention to Appear’ part of the form – stating your reasons for the dispute – and return it to the court.
Follow the instructions on the form and if possible get some legal representation. You must attend the hearing even if you do have a representative.
Ignoring The Summons
This is not advisable. If you do not reply to the summons, the creditor will ask the court to make an order against you. As they do not have your personal details, it is DebtFC experience that the payment they will ask for is usually high.
Post Decree Actions
The Sheriff may grant an Open Decree and set a payment higher than you can afford. At this stage it is important to negotiate directly with the creditor to set an arrangement you can afford each month.
If you do not return the summons or make payments as directed under the ‘Time to Pay Direction’, the creditor can take further enforcement action, by applying for a ‘Charge for Payment’ they can:
Apply for a Wage Arrestment to take payments direct from your salary before you get it. This obviously involves your employer
Apply to freeze your bank account.
Send Sheriffs Officer’s to ‘attach’ your goods outside your home e.g. car, garage or garden shed, or obtain an ‘exceptional attachment order’ which if granted by the Sheriff, would allow entry to your home to allow non-essential goods to be removed.
Or even make you bankrupt.
A creditor CANNOT take the above enforcement action without first obtaining a Decree.
Credit Rating
All court action is noted by the Credit Reference Agencies and this will affect your ability to obtain future credit including mortgages.
More importantly, it may affect your employment – some professions will not employ people with adverse credit histories e.g. Accountancy, Law and Financial Services. Check with your union or Personnel / Human Resource department for the effect on your particular occupation
If your circumstances change, apply for a Time to Pay Order to ask the Court to consider reducing the payment. At this stage it is important to both inform and negotiate directly with the creditor
IT IS IMPORTANT THAT YOU DO NOT IGNORE COURT FORMS AND THAT YOU REPLY TO THE SUMMONS MAKING AN OFFER THAT YOU CAN AFFORD.
Please contact DebtFC on 0800 007 5307 or email info@debtfc.co.uk for free advice and help on all debt problems.
Tags: bankruptcy sheriff, bankruptcy sheriff officer, Court Summons Livingston, Court Summons Scotland, Court Summons Scottish, Court Summons West Lothian, open decree Edinburgh, open decree glasgow, open decree Livingston, open decree scotland, open decree scottish, open decree west lothian, Scotland Court, Scotland court procedures, Scotland Sheriff Court Procedures, Scottish Court, Scottish Sheriff Court Procedures, Sheriff Court, Sheriff court procedures, sheriff officer edinburgh, sheriff officer glasgow, sheriff officer livingston, sheriff officer west lothian, sheriffs officer scotland, sheriffs scottish, Time to Pay Direction Edinburgh, Time to Pay Direction Glasgow, time to pay direction Livisgston, Time to Pay Direction Scotland, Time to Pay Direction Scottish, Time to Pay Edinburgh, Time to Pay Glasgow, Time to Pay Livingston, Time to Pay Scottish, Time to Pay West Lothian, Tome to Pay Direction West Lothian, Tome to Pay Scotland, wage arrestment edinburgh, wage arrestment glasgow, wage arrestment livingston, wage arrestment Scotland, wage arrestment west lothian
Posted in Debt advice | Comments Off
May 10th, 2010
When you contact DebtFC we will ask you who you owe money to, how much you owe, and if your debt is a credit card debt, a loan agreement, hire purchase, catalogue, store card, payday loan, overdraft, cheque centre etc
A DebtFC consultant will ask you about your monthly income and how much you pay each month towards your mortgage or rent, gas, electricity, telephone, mobile, council tax, insurance, car, public transport, food, clothing etc
We will ask you if you are a homeowner or a tenant as this may make a difference to the debt solution we may offer you.
Please do:
When speaking to any of your creditors, (people who you owe money to), make sure you note any reference numbers and amounts owing.
Keep any statements and letters demanding payment from your creditors, this will make it easier for us to assess your situation and allow us to contact your creditors on your behalf.
If any creditors take action against you, such as petitioning for your bankruptcy or threaten you by sending the bailiff round, contact DebtFC as soon as possible.
Please don’t:
Don’t bury your head in the sand and think your problems will go away if you do nothing about them – they won’t they will only get worse.
Ignore any legal proceedings.
Let your health and family relationships suffer.
Borrow more money.
Pay any upfront fees for advice or loans.
For free advice on any debt problem please contact DebtFC on 0800 007 5307 or email info@debtfc.co.uk
Tags: bailiff advice Glasgow, bailiff advice Livingston, bailiff help Edinburgh, bailiff help Glasgow, bailiff help Scotland, bankruptcy advice and help Scotland, bankruptcy help Scotland, cheque centre help Livingston, cheque centre help scotland, cheque centre help west lothian, council tax help Falkirk, council tax help glasgow, council tax help scotland, council tax help Stirling, council tax help west lothian, council tax help wishaw, credit card debt help scotland, credit card debt livingston, credit card debt west lothian, Debt advice, debt advice scotland, debt consolidation, debt help, debt help livingston, debt help scotland, debt management help Edinburgh, debt management help Glasgow, debt management help Livingston, debt management help Scotland, debt management help west lothian, debt management mid calder, debt management west lothian, hire purchase debt, hire purchase debt Edinburgh, hire purchase debt Glasgow, hire purchase debt Livingston, hire purchase debt scotland, livingston debt advice, mortgage advice scotland, mortgage advice west lothian, mortgage help scotland, mortgage help west lothian, pay day loan advice, pay day loan help, pay day loans scotland, pay day loans scottish, pay day loans west lothiian, west lothian debt advice
Posted in Debt advice | Comments Off
April 26th, 2010
Scottish Protected Trust Deed (PTD)
- You can be debt free in 36 months
- Only pay what you can realistically afford
- Freeze interest and charges
- We can stop all further communication & action from creditors towards you
A Trust Deed is a solution to debt and a real alternative to Sequestration (Bankruptcy in Scotland). A Scottish Protected Trust Deed often known as a PTD is an arrangement between you and your creditors, usually over three years. At the end of a Trust Deed the balance of any unpaid debts is written off.
Under legislation, once protected a Trust Deed is legally binding on all your unsecured creditors. The terms of your Trust Deed are tailored to your own personal circumstances.
DebtFC will assess your situation and prepare your proposals and deal with your creditors. If your creditors do not object, the Trust Deed will become protected – that means your creditors are prevented from taking any further action as long as you keep to the agreement and you’ll be debt free, this is usually in 36 months. Call our debthelpline now on 0800 007 5307 or email info@debtfc.co.uk
Tags: debt help line, Edinburgh debt helpline, Falkirk debthelpline, Glasgow debthelpline, Lanarkshire debt helpline, Livingston debt helpline, No Fee PTD, No Fee Scottish Protected Trust Deed, No Fee trust Deed, PTD helpline, Scotland debt helpline, scottish debt helpline, Scottish protected Trust Deed helpline, Trust deed helpline, west lothian debt helpline
Posted in Debt advice | Comments Off
April 21st, 2010
Debtfc.co.uk is looking to build up a network of Introducers who can refer people with Payment Protection Insurance to DebtFC. Introducers will earn 50% commissions on all successful client claims. We believe this is the best commission rate available in the industry by far.
An Introducer may be for instance a Recruitment Company, Letting Company, Mortgage Advisor, an Independent Financial Advisor, an Accountant, or a Call Centre, in fact anyone who is in contact with people and who is in a position to discuss payment protection insurance claims with their clients.
The Introducer can ask the client if they have any PPI on any of their loans and credit cards, and if they do, it is possible that it has been mis-sold, often the client will not know they even had PPI.
Once the Introducer refers the client to DebtFC they then take over and handle the claim, in house, and once compensation is paid, the Introducer receives their 50% commission. This can typically be hundreds of pounds for each PPI case they refer, and is usually paid out between 8 to 10 weeks of the case being started.
Its a really good add on for any business or individual to earn extra cash, often with little effort, as once the PPI case has been identified, DebtFC handle the case and process it through to completion.
It is estimated that there are around 20 million PPI policies in the UK, many of them mis-sold. The FSA has fined many lenders such as Loans.co.uk, Capital One, Liverpool Victoria, Alliance & Leicester, Redcats, GE Money, Swinton amongst many others.
DebtFC has found that often people don’t understand what the PPI they have been sold is for, or how to go about claiming it back, it can be time consuming and frustrating if you don’t have the expertise, as lenders will often reject claims, made by the individual, and this stops them claiming the compensation they deserve. Here at DebtFC we are committed to fighting for the consumer and are very successful when it comes to PPI claims.
DebtFC forwards 50% commission to the Introducer, many Introducers for other companies typically get 10% to 12% so this 50% is a fantastic way to earn more revenue for little effort, a great add on for those with a client database to work through or who are in regular contact potential clients.
Contact us on 0800 007 5307 or email info@debtfc.co.uk
Tags: debtfc, Introducer payment protection insurance claim scotland, Introducer payment protection insurance claims, Introducer PPI claim Scotland, Introducer PPI claim Stirling, Introducer PPI claims, Introducer PPI claims Aberdeen, Introducer PPI claims Ayrshire, Introducer PPI claims Bathgate, Introducer PPI claims Dundee, Introducer PPI claims Edinburgh, Introducer PPI claims Falkirk, Introducer PPI claims Fife, Introducer PPI claims Glasgow, Introducer PPI claims Inverness, Introducer PPI claims Lanarkshire, Introducer PPI claims Motherwell, Introducer PPI claims west lothian, Introducer PPI claims Wishaw, PPI Claims
Posted in Debt advice | Comments Off
April 12th, 2010
Kensington Mortgage Company Limited fined £1.225m
The Financial Services Authority (FSA) has today announced it has fined Kensington Mortgage Company Limited (Kensington) £1.225 million for poor treatment of some customers facing mortgage arrears.
The firm has agreed to redress customers who were in arrears and charged specific unfair and/or excessive charges. It is estimated that the redress will cost the firm up to £1.066 million.
The FSA has identified a number of serious failings by Kensington which occurred between 1 January 2007 and 31 October 2008 in relation to its mortgage arrears handling processes and in its dealings with customers in arrears.
These include:
- Failing to ensure mortgage servicing staff acting on its behalf had adequate understanding of treating mortgage arrears customers fairly;
- Concentrating on the repayment of mortgage arrears over a short period of time rather than agreeing an arrangement to pay the arrears based on the customer’s individual circumstances;
- Applying three charges to customers’ accounts that were unfair and/or excessive. These were:
- A fee for a returned direct debit which was charged regardless of how many times the direct debit had already been returned unpaid;
- An excessive fee for cancelled direct debits which did not reflect administrative costs;
- An early repayment charge on mortgage balances which included arrears fees and charges within that balance.
The firm also failed to take reasonable care to organise and control its affairs responsibly and effectively, and to ensure adequate risk management systems. Its management information focused on the performance of the firm’s mortgage book and the profitability of the business, rather than on treating customers fairly.
Kensington qualified for a 30% discount under the FSA’s settlement discount scheme. Without the discount the fine would have been £1.75 million. The FSA has also taken into account that Kensington has made significant improvements to its arrears and repossession processes since the early part of 2008.
Margaret Cole, director of enforcement and financial crime, said:
“This case should serve as a strong reminder to firms dealing with retail customers, especially customers in a vulnerable position such as those with mortgage arrears, that the FSA will take robust action where it sees that customers are not treated fairly. Retail firms which fail in their obligations to customers should expect not only a substantial fine but also that they will have to pay back customers who have been disadvantaged.
Tags: customer mortgage arrears, FSA fine, FSA Kensington, FSA mortgage, Kensington Mortgage Company, livingston mortgage arrears, Mortgage Arrears, Scotland mortgage arrears, Scottish mortgage arrears, West Lothian Kensington mortgage arrears, west lothian mortgage arrears
Posted in Debt advice | Comments Off
March 31st, 2010
The two main things you need to think about when buying something on credit is how much is the cost of borrowing going to cost you and how long is going to take you till you pay the debt off? The cost of borrowing, the annual percentage rate (APR) on the loan and the length of time (Term) you borrow the money for.
The higher the APR and the longer the term, the more you may have to pay back – and there can be a huge difference in the rates you pay and the overall cost of the loan. At DebtFC based in Scotland we find that many people don’t take into consideration the APR they only look at how much their monthly payment is before deciding if they can afford that new car, sofa’s or whatever.
Don’t be fooled into 0% interest deals as many Scottish salesmen that have used our services have advised DebtFC that the price of the item is hiked up to cover the so called 0% deal.
We would advice:
- Don’t borrow for longer than the life of the item you buy
- Plan ahead and shop around and use the internet comparison sites when choosing products
The examples below shows the effect of APR and term on the cost of borrowing:
£10,000 over 5 years (APR of 7.5%)
Monthly repayment of: £200.38
Interest: £2,022
Total Repayment £12,022
£10,000 over 10 years (APR of 7.5%)
Monthly repayment of: £118.70
Interest: £4,244
Total Repayment £14,244
£10,000 over 5 years (APR of 15%)
Monthly repayment of: £237.90
Interest: £4,273
Total Repayment £14,273
As you can see doubling the APR and the term more than doubles the cost of the loan. An extra 40% loading on the cost of the item.
Tags: APR Ayrshire, APR west lothian, Ayrshire car debt, borrow west Lothian, Borrowing Ayrshire, borrowing Scotland, borrowing Scottish, car debt Scotland, car debt Scottish, credit Ayrshire, credit Livingston, credit Scotland, credit west Lothian, Livingston car debt, Loan Ayrshire, loan Scotland, Loan Scottish, loan west lothian, Scottish credit
Posted in Debt advice | Comments Off
|